Median Household Income by Age of Householder in Hillsville, VA (2021, in 2022 inflation-adjusted dollars)
This table presents the distribution of median household income among distinct age brackets of householders in Hillsville. Based on the latest 5-Year estimates from the American Community Survey, it displays how income varies among householders of different ages in Hillsville.
Age Of The Head Of Household | Median Household Income |
---|---|
Under 25 years | - |
25 to 44 years | $53,734 |
45 to 64 years | $69,922 |
65 years and over | $52,178 |
TABLE OF CONTENTS
Hillsville, VA median household income by age of householder
As one can expect, household incomes typically rise as the head of the household gets older. However, this upward trend reaches a peak at a certain point, and beyond that, it tends to level off or even decrease. Based on our analysis of the distribution of Hillsville population by age, the median age in Hillsville is 47.1 years.
Typically for a location with median age in this range, it tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Hillsville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $69,922.
In terms of income distribution across age cohorts, in Hillsville, the median household income stands at $69,922 for householders within the 45 to 64 years age group, followed by $53,734 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $52,178.
For a better visual representation of these income disparities, refer to the bar chart below. It offers a clear illustration of the differences in median household incomes based on the age of householders, derived from most current ACS data provided by the Census Bureau for the town of Hillsville.
Analysis of income trends over the past decade highlights notable shifts across various age groups. Among the three age groups with available Census data in both 2011 and 2021, none had a decline during this time period. Notably, household income for individuals within the 65 years and over age group demonstrated a remarkable increase of $12,201(30.52%), escalating from a median of $39,977 in 2011 to $52,178 in 2021. Conversely, the age group of 45 to 64 years years witnessed the smallest growth in household income across the same span. Their median income saw a small increase of $7,073(11.25%), increasing from a median of $62,849 in 2011 to $69,922 in 2021.
Hillsville, VA household income distribution across age groups
To gain a comprehensive understanding of the financial landscape within the Hillsville population, we conducted an analysis of household incomes across 16 distinct brackets within four age cohorts: under 25 years, 25 to 44 years, 45 to 64 years, and over 65 years.
Upon closer examination of the distribution of households among age brackets, it reveals that there are 9(0.86%) households where the householder is under 25 years old, 195(18.64%) households with a householder aged between 25 and 44 years, 403(38.53%) households with a householder aged between 45 and 64 years, and 439(41.97%) households where the householder is over 65 years old.
The age group of 45 to 64 years exhibits the highest median household income, while the largest number of households falls within the 65 years and over bracket. This distribution hints at economic disparities within the town of Hillsville, showcasing varying income levels among different age demographics.
Age-wise distribution of Hillsville household incomes: Comparative analysis across 16 income brackets
Discover the household distribution across 16 income brackets among four distinct age groups in Hillsville: Under 25 years, 25-44 years, 45-64 years, and over 65 years. This table highlights the variation in household income, offering valuable insights into economic trends and disparities within different age categories.
Household Income Age of Householder | Under 25 years | 25 to 44 years | 45 to 64 years | 65 years and over |
---|---|---|---|---|
Less than $10,000 | - | 11 | - | 12 |
$10,000 - $14,999 | - | 19 | 9 | 69 |
$15,000 - $19,999 | - | 11 | 32 | 73 |
$20,000 - $24,999 | - | - | - | 27 |
$25,000 - $29,999 | - | 17 | 37 | 9 |
$30,000 - $34,999 | - | - | - | 9 |
$35,000 - $39,999 | - | - | 9 | - |
$40,000 - $44,999 | - | 28 | - | - |
$45,000 - $49,999 | 9 | 13 | 67 | 44 |
$50,000 - $59,999 | - | - | 22 | 31 |
$60,000 - $74,999 | - | 17 | 43 | 35 |
$75,000 - $99,999 | - | 79 | 53 | 72 |
$100,000 - $124,999 | - | - | 117 | 41 |
$125,000 - $149,999 | - | - | - | - |
$150,000 - $199,999 | - | - | 14 | 17 |
$200,000 or more | - | - | - | - |
To further explore the income distribution and gain insights into financial landscape of Hillsville when compared to the state of Virginia and The United States, we analyzed household incomes across various age cohorts and their corresponding income brackets. Here, are our key findings:
- Householder under 25 years: It is noteworthy that no households in Hillsville, where householders are under 25 years old, fall within or exceed the income bracket representing the median income of $85,873 for the state of Virginia. This indicates an income disparity among households headed by individuals under 25 years old when compared to the median income of the state.
- Householder 25 to 44 years: In Hillsville, among households headed by individuals aged 25 to 44,worth noting that 40.51% match or surpass the state of Virginia median income of $85,873. These 79 households, represent a notable portion of the total 195 households in Hillsville within 25-44 years age group, reflecting commendable financial well-being within the state boundaries.
- Householder 45 to 64 years: In Hillsville, within the age group of 45 to 64 years, a noteworthy 45.66% of households meet or exceed the state of Virginia median income of $85,873. These 184 households, out of the total 403 households in this age cohort, signify a notable portion of mature demographic of Hillsville, showcasing commendable financial stability in comparison to the Virginia state median income benchmark.
- Householder 65 years and over: In Hillsville, among the over 65 years age group, a noteworthy 29.61% of households either match or surpass the state of Virginia median income of $85,873. These 130 households, constituting notable portion of the Hillsville town senior population, showcase commendable financial stability compared to the Virginia state median income benchmark.
Things to know
Which age group reports the highest median household income in Hillsville, VA?
In Hillsville, households led by individuals aged 45 to 64 years report the highest median household income of $69,922 according to the American Community Survey 2017-2021 5-Year Estimates by the US Census Bureau.
How does the median household income vary by age in Hillsville, VA?
In terms of income distribution across age cohorts, in Hillsville, the median household income stands at $69,922 for householders within the 45 to 64 years age group, followed by $53,734 for the 25 to 44 years age group. Notably, householders within the 65 years and over age group, had the lowest median household income at $52,178..
How does the median household income for households led by individuals of median age compare in Hillsville, VA?
The median age in Hillsville is 47.1, which falls within the 45 to 64 years range among the four age groups defined by the US Census Bureau. This demographic tends to house more established professionals, possibly reflecting stable households and higher earning poptential. Interestingly, within Hillsville, the age group of 45 to 64 years also exhibits the highest median household income, recorded at $69,922.
References
- U.S. Census Bureau American Community Survey (ACS) 2017-2021 5-Year Estimates
- Consumer Price Index retroactive series using current methods (R-CPI-U-RS)